How will Minnesota benefit from these investments?
Minnesota's economic success didn't appear out of thin air. Our strong business community – from innovative multinational corporations to thriving family-run companies – has enjoyed success thanks to a workforce strengthened by decades of state investment in education. Economic challenges including a globalized marketplace and changing demographics make a strong workforce key to a bright economic future and with each additional high school graduate Minnesota sees widespread gains.
Not only do high school graduates earn an estimated $475,900 more over the course of their lifetime but they are less likely to be involved with the criminal justice system or rely on public programs such as welfare and Medicaid. This translates to a public sector benefit of $251,900 from increased tax revenues and lower expenditures on health, crime, and welfare. Meanwhile the State of Minnesota sees gains worth $1,059,500 from foregoing benefits, plus lower crime victimization rates and accelerated economic growth.
A well-educated population enhances productivity which in turn makes our businesses more competitive. As State Economist Tom Stinson is fond of saying: People and businesses are not attracted to Minnesota for the weather, and they are not attracted to low taxes. They are attracted to the pool of very good human capital.
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